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Ithmaar plans cardless cash withdrawal system

Manama, March 11, 2012

Bahrain-based Ithmaar Bank said it has plans to launch a revolutionary system under which customers can withdraw cash from the the bank's ATMs without using a card.

Ithmaar's cardless cash withdrawal solution, a first-of-its-kind in Bahrain, will allow customers unprecedented convenience and could, potentially, forever change the way people in Bahrain access cash, the bank said in a statement.

Following implementation, customers will be able to conveniently, and securely, allow third parties to withdraw cash from Ithmaar ATMs, it added.

Announcing the scheme, Ithmaar Bank CEO Mohammed Bucheerei said it follows formal signing ceremonies between the bank and several leading information technology service providers.

"I am delighted to announce that Ithmaar Bank is now well on its way to becoming the first bank in Bahrain to allow its customers to withdraw cash from its ATMs without using a card of any sort," said Bucheerei.

"When the service is introduced, Ithmaar customers will be able to log on to our online banking portal - either through a computer or through a smart mobile phone - and send virtual cash to an individual through their mobile telephone number," he noted.

"The system will automatically SMS a code to that individual's mobile," he stated.

"The individual will then be able to go to any Ithmaar ATM, enter his or her mobile number together with the code received and simply withdraw the amount," he said.

"There are tremendous applications to this service," said Bucheerei.

"A customer can, for example, easily send virtual cash to friends and family or to themselves to use when the card is not immediately accessible. Ithmaar's cardless cash withdrawal solution, backed by a network of 39 ATMs across Bahrain, will make cash available virtually anywhere, at anytime, " he said.

"Ithmaar has played a pioneering role in the creation and subsequent development of electronic banking in Bahrain and across the region.

"We have also played a pioneering role in the Islamic banking in the region," said Bucheerei.

"We remain as committed as ever to continuing this role - our latest plans stand testimony to that commitment," he added.-TradeArabia News Service

Tags: credit card | Islamic Banking | Ithmaar | customers | ATMs | cash withdrawal |

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